February 2023

Mexican ferrous scrap prices decline after buyers announce price cuts

Mexican steel scrap prices dropped for the first time in several months, with buyers trying to close the gap between scrap prices in Mexico and in the United States.

Deep-sea steel scrap sold to Bangladesh at higher prices amid hot local market

A recent sale for a deep-sea cargo to Bangladesh concluded at a steep increase compared with previous deals amid strong local prices in the country and a bullish environment in Turkey, sources told Fastmarkets on Tuesday February 28.

Flat steel import prices to the UAE mixed; several deals done despite patchy demand

Import prices for flat steel imports to the United Arab Emirates were mixed in the week to Tuesday, February 28, with several deals heard despite limited demand, sources told Fastmarkets.

India embarks on long road to coking coal independence

India is reducing its reliance on imported coking coal by ramping-up its domestic coal capacities, but it will be a long and difficult journey before the results will be seen, market sources told Fastmarkets at the Coaltrans India conference in New Delhi.

Rebar, billet prices increase in the UAE on stronger demand

Steel billet and rebar prices increased in the United Arab Emirates during the week ended Tuesday February 28 amid strong demand due to low stock levels and the expectation that prices have more room to increase, sources told Fastmarkets.

Standoff between mills and buyers limits trading in European HRC markets, but short-term sentiment positive

The standstill in European markets for steel hot-rolled coil continued Tuesday February 28, while longer lead times and expected restocking activity supported a positive mood, Fastmarkets heard.

Turkey's deep-sea scrap demand resumes, but at a slower pace

Turkish steel mills continued with their deep-sea steel scrap import bookings at a slow pace on Tuesday February 28, after last week’s buying spree, sources told Fastmarkets.

Russian HRC export market up on sales to Turkey, slab sector positive

The Russian export market for steel hot-rolled coil went up over the week to Monday February 27 on new sales to Turkey, while the steel slab sector was positive although no deals were reported over the period.

Australia coking coal market stable, China market retreats

Coking coal prices in the FOB Australia market remained largely stable on Tuesday February 28 in a quiet market, but China’s CFR prices declined, mainly reflecting buyer uncertainty over near-term domestic price movements, source told Fastmarkets.

Iron ore prices rebound on uptick in trading after recovery in futures market

Iron ore prices rebounded on Tuesday February 28, ending a four-day downtrend and now tracking the upward moves seen in the futures market, sources told Fastmarkets.